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Mar 4, 2012

We bring you news update On Executive Condo purchases as announced by HDB recently.

Here is the press release from HDB.

Date issued : 02 Mar 2012

Minister for National Development Khaw Boon Wan announced in Parliament today several new housing measures to provide more housing options for second-timers:

a) Allocation of Build-to-Order (BTO) flat supply in non-mature estates to triple from 5% to 15% – to provide second-timers better access to affordable new flats

b) Allocation of Executive Condominiums (ECs) to increase 6-fold from 5% to 30% – to help second-timers realize their upgrading aspirations

Allocation of BTO flat supply in non-mature estates to triple from 5% to 15%

2 The ramp-up in BTO flat supply has lowered the application rates for first-timers and increased their chances of success. HDB will now move on to help more second-timer households buy a new flat.

3 HDB will triple the second-timer allocation of BTO flats in non-mature estates from 5% to 15%. The allocation for second-timers will remain at 5% for BTO flats in mature estates and Sale of Balance Flat (SBF) exercise, so that first-timers continue to enjoy top priority in allocation.

4 The change will be implemented from the March 2012 sales exercise onwards.

Allocation of ECs to increase 6-fold from 5% to 30%

5 HDB will also increase the second-timer allocation of new EC units in a project from 5% to 30%, to match the prevailing profile of EC applicants. This allocation applies during the first month of public sales launch for EC projects.

6 We will apply the revised allocation with immediate effect to all EC projects, including those which are currently within their first month of public sales launch and those pending public sales launch.